CSC INDUSTRIES REPORTS THIRD QUARTER RESULTS
CSC INDUSTRIES REPORTS THIRD QUARTER RESULTS WARREN, Ohio, Oct. 27 /PRNewswire/ -- CSC Industries, Inc.
(NASDAQ: CPSL), today, reported its financial results for the third quarter of 1992. Net sales of $45,789,000 were up by 16 percent over last year's third quarter level of $39,629,000. Net sales reflected a 1 percent decrease from the second quarter, although net sales for the nine-month period ended Sept. 30, 1992 increased 6 percent over the comparable 1991 level. Net loss for the third quarter was $4,962,000 or $0.22 per share as compared to a net loss of $10,611,000 or $0.47 per share, for the prior year's third quarter.
Donald J. Caiazza, president and chief executive officer, stated "CSC is continuing to operate very close to its 1992 business plan. Although we are experiencing a soft economy with minimal growth and weaker selling prices than the previous quarters, our results reflect a significant improvement over last year's third quarter. A major component of our cost reduction plan was implemented at the end of the third quarter when the company idled one of its three bar mills while maintaining 99 percent of its product lines. We anticipate the fourth quarter to be slightly weaker than the previous quarters, as customers reduce inventories and shutdown for the holidays. CSC, however, will continue to focus on improved product quality for its customers and implementation of planned cost reductions to position itself for better results in the upcoming year." CSC INDUSTRIES, INC. FINANCIAL RESULTS Quarter ended September 30 1992 1991 Sales $ 45,789,000 $ 39,629,000 Net loss $ (4,962,000) $(10,611,000) Per share: Net loss $(.22) $(.47) Shares Outstanding 22,983,523 22,875,328 Nine Months ended September 30 1992 1991 Sales $137,139,000 $129,432,000 Net loss $(16,903,000) $(27,951,000) Per share: Net loss $(.74) $(1.23) Shares Outstanding 22,983,523 22,875,328 -0- 10/27/92 /CONTACT: Donald Caiazza of CSC Industries, 216-841-6500/ (CPSL) CO: CSC Industries, Inc. ST: Ohio IN: MNG SU: ERN
BM -- CL021 -- 5584 10/27/92 15:33 EST
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|Date:||Oct 27, 1992|
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